Obama seeks $1.6 trillion in tax increases: WSJ

WASHINGTON (MarketWatch) -- The White House wants both $1.6 trillion in tax increases as part of a fiscal cliff deal as well as a "permanent" increase in the U.S. debt ceiling, The Wall Street Journal reported Thursday, citing congressional Republican aides. In addition, the Obama administration is asking for at least $50 billion in new spending to spur the economy and wants to extend the current payroll-tax cut. House Speaker John Boehner said earlier Thursday that any increase in the debt ceiling would come with a "price tag," meaning spending cuts in exchange for raising the limit.

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